DUBLIN: Ireland's central bank eased deposit rules for first-time house buyers on Wednesday and amended how lenders can grant exemptions following its first review of the tough regulations introduced last year to curb excessive lending.
The central bank said that from January first time buyers could now borrow 90 percent of the value of a home regardless of the price, an amendment of the current regime which capped the 90 percent threshold at 220,000 euros with an 80 percent limit applicable on the excess value.
Banks can breach the limit for 5 percent of all first time mortgages written but can do so for 20 percent of other homebuyers, compared to a previous 15 percent across the board cutoff.
Limits on how much homeowners can borrow compared to their income remained unchanged, the central bank said.
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